online auctions

online auctions- similar to traditional aucctions but the buyers and sellers can be all over the world, this makes online auctions popular because it is much easier and less time consuming to find the item or buyer that is required

features of online auctions-

- bidders can search for the items that they want

- bidders can view the current status of their bids

- changes can be made before the scheduled ending time

- users of the auction service can rate each other

- sellers can choose to make an item for sale immediately rather than have bidders for it

- secure payment is finialised by the auction site

online auctions allow individuals to buy and sell worldwide, benefits include:

- the ability to search easily for goods of the person's interest

- a community of users which builds trust by rating both buyers and sellers

- third party payment options - allowing secure payment

- a large number of sellers are competing for business, this means the products have to be lowered in price